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3 years ago

What does it mean when your tax return is being processed?

1 answer:

6 0

<span>According to the IRS FAQ on the Where's My Refund main page - this notification indicates that your return is being manually reviewed for some reason. Your bars have disappeared, and perhaps your refund amount is gone, and the message states that "Your tax return is still being processed. A refund date will be provided when available." Something triggered a review.

Yeah bro</span>

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question content area for the year ended december 31, orion, inc. mistakenly omitted adjusting entries for $1,500 of supplies th

Oduvanchick [21]

Errors will have a $2,300 overstatement of net income on revenues, costs, and net income.

The amount earned by an individual or business after costs, allowances, and taxes is referred to as net income. Net income in the company is the amount that remains after all costs, such as salaries and wages, the cost of goods or raw materials, and taxes, have been paid.

Net income = Total revenue - total expenses

where,

Total revenue = Unearned revenue = $4,200

Total Expense = Supplies expense + insurance expense = $1,500 + $5,000 = $6,500

Net Income = Total revenue - Total Expenses = $4,200 - $6,500

Net Income = -$2,300

Therefore, there's an overstatement of $2300 in Net Income.

To know more about Net Income, refer to this link:

brainly.com/question/6391667

#SPJ9

6 0

1 year ago

For each of the following:

Mama L [17]

Answer and Explanation:

As we know that

The assets, expenses contains debit balance while the liabilities, revenues and stockholder equity contains credit balance

So based on this, the classifications are as follows

Particulars Type of account Normal balance Debit or credit Reason

a. Land Asset debit debit resources on the owners hand

b. Cash Asset debit debit resources on the owners hand

c. Legal Expense = expense debit debit consumption of cost

d. Accounts Receivable Asset debit debit resources on the owners hand

e. Dividends = Equity debit debit distribution made to owners

g. Notes Payable = Liability credit credit obligation made to creditors

h. Common Stock = Equity credit credit investment done by the owners

8 0

3 years ago

Tucker Company makes chairs. Tucker has the following production budget for January - March. January February March Units Produc

Mademuasel [1]

Answer:

Tucker Company

The number of board feet of wood that Tucker needs to purchase in February is:

= 46,297.

Explanation:

a) Data and Calculations:

Production Budget

January February March Total

Units Produced 11,297 12,205 9,276 32,778

Board fee for each chair 4 4 4 4

Total board feet required 45,188 48,820 37,104 131,112

Board feet required 45,188 48,820 37,104 131,112

Ending Materials Inventory 9,764 7,421

Beginning Materials Inventory (0) (9,764) (7,421)

Purchase of board feet 54,952 46,297

3 0

3 years ago

After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000

murzikaleks [220]

Answer:

income summary 550 debit

retained earnings 550 credit

--to close income sumary against RE--

Explanation:

To complete the closing entries we should determinate the balance of the Income Summary account and then, transfer into Retained Earnings.

Income Summary

<u> Debit Credit </u>

2,450

Balance 550

We will debit income summary so his blanace ends in zero and credit retained earnings so net income is accumualted and added into equity to represent it in the balance sheet.

7 0

3 years ago

As of December 31, year 2, a company has an inventory item that was originally purchased for $80 in year 1. The inventory item w

Naily [24]

The net realizable value of the inventory as of December 31, year 2, according to IFRS is <u>$75</u>.

<h3>What is net realizable value under IFRS?</h3>

Under the IFRS, inventories should be stated at the lower of cost and net realizable value. The net realizable value equals the selling price less the estimated costs of sale.

<h3>Data and Calculations:</h3>

Inventory purchase cost = $80

Net realizable value in year 1 = $60

Net realizable value in year 2 = $75

Replacement cost = $65

Normal profit margins = 20%

Thus, the net realizable value of the inventory as of December 31, year 2, according to IFRS is <u>$75</u>.

Learn more about net realizable value at brainly.com/question/794345

8 0

2 years ago